"They are not going to go to $200 million," one executive familiar with the Yankees' plans told Passan. "Period."

By Passan's account, the Yankees and Cano are about $90 million apart on a possible agreement. Cano has softened earlier $300 million contract demands, according to Passan. But in the parties' last meeting, he still asked for a nine-year, $252 million contract. The Yankees are still offering something in the neighborhood of seven years and $160 million. Passan reported that they have about $15 million of "wiggle room."

Right now, it's not believed that Cano has other offers on the table. The New York Mets met with Jay Z and other members of Cano's team, but that session was informal. If they decide to get involved, the Seattle Mariners and Washington Nationals could pose the biggest threat to the Yankees to swipe away Cano, according to Passan.